New Data Sources Enrich Small Business Prefill Product
The financial details of small businesses have always been information insurers want to consider when quoting a new policy, but short of relying of self-reported data, that information could only be found in a few places. At Fenris, we are always on the lookout for new data sources to add value to our proprietary reference databases and provide our insurance and financial services customers with enriched data for a growing number of categories in our application prefill products.
We are pleased to announce that we have enriched our Small Business Commercial Data Prefill product with a new data source that provides data on small businesses in line with federal reporting guidelines. This resource gives us a new data field that we have incorporated into the product — payroll — plus gives us an additional source for data on revenue and number of employees. This data is available for the business as a whole, and for a particular location.
For new small businesses where this information may not be readily available, our algorithms can estimate likely revenue and payroll based on established businesses with similar profiles that are located in the prospect’s geographic area. This information is particularly useful to our customers since new businesses are high-value prospects for writing new insurance business or granting small business loans.
Learn more about how using Small Business Commercial Data Prefill can help you improve application competition rates and reduce time to quote.